FR is a technical accounting paper, covering preparation of single company and group accounts and statements of cash flows. This paper assumes knowledge from Financial Accounting (FA) and inter-relates with Law (LW) and Auditing (AA).
The key syllabus areas are:
The FR exam is a 3 hour computer based exam. All questions are compulsory and will cover numerical and discursive elements. Some questions will adopt a scenario/case study approach.
Questions may ask a candidate to comment on the appropriateness or acceptability of management's opinion or chosen accounting treatment. An understanding of accounting principles and concepts and applying to practical examples will be tested.
Many students find the FR exam difficult. It is quite time pressured so lots of timed question practice on the core areas is essential. The examiner is very keen that students understand and apply accounting standards rather than just rote learn them. Examiner's reports also emphasise the need to prepare thoroughly and not just rely on knowledge acquired at AAT or Financial Accounting (FA).